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The post Guide to Inheriting a Roth IRA appeared first on Millennial Money. The passage of the Setting Every Community Up for Retirement Enhancement (SECURE) Act in 2019 brought significant changes to managing inherited Roth IRAs, especially for non-spousal heirs. As a beneficiary, your relationship with the original account owner and the age of the […]
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The post How to Set Long-Term Financial Goals appeared first on Millennial Money. Goal setting is an important part of financial planning that maintains accountability while you live your everyday life. Whether you’re interested in starting a small business, saving for a child’s education, or making a concerted effort toward debt repayment, savings goals can
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The post What is Holistic Financial Planning? appeared first on Millennial Money. Financial planning is a necessity in today’s fast-paced and complex world. But what if we told you there’s a more comprehensive approach to managing your finances? Enter holistic financial planning – a method that considers your monetary goals and overall well-being. Unlike traditional
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The post Financial Planning for High-Net-Worth Individuals appeared first on Millennial Money. Whether you are already a high-net-worth individual or aspire to be one, understanding the nuances of financial planning is essential for preserving and growing your wealth and developing a stronger understanding of your personal finances. High-worth financial planning employs specialized strategies to manage
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The post High-Net-Worth Individuals (HNWIs) appeared first on Millennial Money. High-net-worth individuals (HNWIs) have substantial liquid assets compared to the average American, so they are classified distinctly in the financial world. Depending on where you look, you may also see the abbreviation shortened to HNW. These individuals typically possess at least $1 million in financial
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The post How to Build a Financial Plan in 7 Steps appeared first on Millennial Money. Every adult needs a financial plan. It’s your roadmap to wealth, guiding you to save money, invest wisely, and prepare for retirement. So, what is a financial plan? Simply put, it’s a strategy that helps you manage your money
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The post Inheritance Tax: 2023 Guide appeared first on Millennial Money. It’s normal to want to pass your resources onto your loved ones when you’re no longer around to enjoy it, but you’ll need a bulletproof strategy to ensure your assets can provide maximum benefit. Inheritance tax is a commonly misunderstood area of personal finance
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The post Can I Contribute to a 401(k) and an IRA? appeared first on Millennial Money. Saving for retirement is a crucial aspect of financial planning. One common question is, “Can I contribute to a 401(k) and an individual retirement account (IRA) at the same time?” The simple answer is yes, you can. Both types
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The post Family Financial Planning: Step-by-Step Guide appeared first on Millennial Money. Family financial planning helps you set clear goals, manage your money, and pave a clear path toward financial freedom while considering your family’s wide range of needs. Regularly reviewing your family’s financial situation allows you to adjust your plan as needed. If you’re
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If your adult child has moved back home, you’re part of a growing trend. In the U.S., 1 in 4 adults ages 25 to 34 live in multigenerational households, compared with just 9% in 1971, Pew Research Center reports. A child living at home can make certain things easier for parent and child alike, but
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Income tax is the tax that federal, state, and local governments require businesses and individuals to pay on their total earnings each year. Total earnings can include wages, tips, interest, dividends, unemployment, and retirement distributions. To calculate income tax, you must first determine your taxable income and filing status to see which tax bracket you
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If you’re looking to secure the financial future of your family, you may be considering a life insurance policy or an annuity. But you may have some lingering questions about which option to choose – and what makes them different in the first place. In this article, we’ll explain how annuities and life insurance differ,
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Wealth management is one of the best financial advisory services a wealthy person can choose to manage their financial assets. Although the service is typically accessible for highly wealthy clients, those who have a significant sum of financial assets may also find it useful. Wealth managers across the country help manage their client’s finances and
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Making sure your money is working hard for you is an important skill to have if you want to have a sound financial situation. While it might be easier to keep all of your money in the same accounts no matter what (“set it and forget it”), a policy like that could cause you to
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Did you know that the average net worth by age 65 in America is roughly $1,216,000? Did that number just make you gasp? If so, you may be relieved to hear that knowing how to build wealth requires a relatively simple strategy: earning money, saving money, and investing money. In fact, history shows that you
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A fiduciary is an individual or an organization that legally acts on behalf of another person or group. The fiduciary relationship may involve financial management or assuming responsibility for the well-being of another person in some other way. Legally, a fiduciary is required to act in the best interest of, and in a way that
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One of the most important things you can do for the ones you love is to create an estate plan. This process includes writing a will, which will help ensure you protect loved ones after you’re gone. Most people assume that writing a will is a costly ordeal that requires a lawyer, but you actually
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This is the year — you just know it. You finally gave that side gig you’ve been dreaming about a real shot and it’s starting to pay off in more ways than you thought. What started out as just a hobby for baking quickly turned into opening your very own brick-and-mortar bakery on the corner.
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We know that raising kids is expensive — but just how expensive is it? According to a 2015 U.S. Department of Agriculture (USDA) study, the average cost of raising a child from birth until the age of 17 is $233,610. This estimate is based on a middle-income family of four and excludes any college costs.
As inflation continues to dominate the headlines, you may have started to hear about the concepts of shrinkflation, skimpflation and greedflation. These are subtle ways in which companies attempt to either minimize or take advantage of the impact that inflation has on consumer expectations. It’s important to understand these concepts in order to avoid being
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